Live Event Industry: Which Type of Events Should Your Business Invest in?

Highlights:   

• Introduction
• Conferences
• Trade shows
• Workshops 
• Team building events
• Role of sponsorship

Live events are an important component of today’s corporate world and entertainment industry. Corporate live events offer an effective medium to communicate with the employees, which ultimately helps in building stronger teams. Live entertainment events, on the other hand, are some of the most popular events. Be it live concerts or sporting events, people gather in large numbers to collectively enjoy the occasion.

How do live events like conferences and workshops help companies to achieve their intended targets?

The type of event that is to be organized depends on the type of organization and the purpose which the event is supposed to serve. Over the years, the live events industry has grown to accommodate events for diverse purposes. For instance, a conference is a type of live event organized around a central theme or topic. Conferences are arranged by corporate houses wherein the company management speaks about the goals of the company and the targets the employees are expected to achieve. In some cases, industry leaders and guest speakers are also invited.

Another widely organized type of live event is a workshop. Generally, workshops are arranged for reskilling or upskilling of employees. The main difference between conference and workshop is that workshops are much more interactive in that the employees have to actually work on the project or the central theme of the event. For example, in a workshop on a new programming language, the employees would have to, after learning, write a sample code in the workshop itself.

What role do live events like trade shows and team building events play in the growth of companies?

Live events like trade shows and team building events help in developing the human capital within the company and also raise the capital needed for expansion. Trade shows are arranged by companies to showcase their products to industry leaders and the public. As many venture capitalists visit such trade shows, many startups take part so that they can convince investors to invest in their companies. Media personnel are also invited to such trade expos so that they can report on the new products and services that the companies are looking to launch.

Many companies even organize internal team building events periodically. The main aim of such live events is to develop a sense of bonding between the employees. To enhance team bonding, such events always include competitions and seminars which help employees interact with fellow employees and know them better. Also, through such events, the company management can educate the employees regarding the policies of the companies in a much better way.

Live events generally have two funding patterns- through ticket sales and through sponsorships. Corporate events like conferences and trade shows are generally funded through sponsorships. Due to its growing popularity, the sponsorship segment is anticipated to gather an absolute revenue of $275.3 million by 2023.  

To conclude, the live events industry has ballooned tremendously in the past few years owing to the different needs of various businesses and the rising expanse of the sponsorship segment. Furthermore, with the growing adoption of online events, the live events sector will receive a major boost in the coming period.

For tips and suggestions on how to capitalize on the opportunities offered by the industry, feel free to contact us.

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